Evercore ISI Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its target price raised by investment analysts at Evercore ISI from $79.00 to $83.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “in-line” rating on the bank’s stock. Evercore ISI’s price objective points to a potential upside of 1.75% from the stock’s previous close.

Several other research firms have also issued reports on BK. JPMorgan Chase & Co. boosted their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Citigroup increased their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. The Goldman Sachs Group boosted their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Morgan Stanley dropped their price objective on Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $84.43.

Bank of New York Mellon Trading Down 0.6 %

Shares of BK traded down $0.47 on Thursday, reaching $81.57. 1,842,621 shares of the company’s stock were exchanged, compared to its average volume of 4,106,705. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $82.72. The stock has a market capitalization of $59.31 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average price of $78.58 and a two-hundred day moving average price of $71.94.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the business posted $1.28 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Research analysts anticipate that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. FMR LLC grew its holdings in Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares during the period. Wellington Management Group LLP increased its holdings in shares of Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares during the last quarter. Marshall Wace LLP raised its stake in Bank of New York Mellon by 99.4% in the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after acquiring an additional 1,311,969 shares during the period. Zacks Investment Management acquired a new stake in Bank of New York Mellon during the 3rd quarter valued at $62,589,000. Finally, State Street Corp boosted its position in Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.